Word: tung
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...expected highlight of the Beijing leg of their trip will be a meeting with Tung Chee Hwa, who will assume Hong Kong's highest administrative post from current Governor Chris Patten...
...only 400 had a vote in the matter. And last week that elite group of electors arrived at the Hong Kong Convention Center in a procession of Rolls-Royces and Mercedes-Benz to cast their ballots for a winner anointed long before. Indeed, the deciding vote for shipping magnate Tung Chee-hwa may have been recorded in January, when China's President Jiang Zemin singled him out from a crowd of his peers for a handshake when he was in Beijing. The votes cast last week by the 400--themselves carefully screened by Beijing--were almost a formality...
With the news of Tung's landslide victory (320 votes to his nearest rival's 42), the usually forbearing Hong Kong police arrested 29 noisy protesters outside the convention center. "This sends an appalling message," a senior government official said afterward. "There is concern that some police might feel they need to act a certain way because of the Chinese." As for Tung, he went off to the Chinese city of Shenzhen the next day to receive Beijing's formal endorsement. He will officially take office on July 1, 1997, the day Hong Kong reverts to China...
...Hong Kong, where business holds the real power, Tung, 59, has the proper pedigree. C.H., as he is widely known, is the scion of a major Asian shipping dynasty, and was educated at Britain's University of Liverpool and schooled in business on the job in the U.S. He's on a first-name basis with the Asia-Pacific region's political and business leaders, as well as many of those in the U.S., where he co-chairs the U.S.-Hong Kong Economic Cooperation Committee with former U.S. Federal Reserve Board chairman Paul Volcker. More important, his family bridges...
...father, C.Y. Tung, flamboyant founder of the Orient Overseas shipping empire, cultivated close relations with Chiang Kai-shek after Chiang's Nationalists fled the mainland for Taiwan. C.Y.'s Hong Kong-registered fleet became a valuable icon of "free China's" economic dynamism. By the time C.Y. died in 1982, however, the company was on the verge of collapse, with 24 tankers on order at a time when a global oversupply of vessels had sent shipping rates plummeting. It fell to C.H., the eldest son, to announce in August 1985 that the company could not repay $2.68 billion in debt...